Financial Power of Attorney also know as a Durable Power of Attorney
A financial power of attorney is to be used during your life to plan for times in which you can no longer make your own financial decisions. There are times in everyone’s life when they need help. For example, if you are in an accident and become unconscious– or maybe you have suffered a stroke, a fall, or other illness and are unable to communicate or understand decisions that need to be made. Alternatively, you may have a diagnosis, like Alzheimer’s for instance, that renders you unable to manage your finances. A financial power of attorney allows you to appoint someone you trust to handle your financial affairs if you cannot do so.
What happens if I don’t have a financial power of attorney?
➢ There may be no one who can pay your bills, apply for disability or social security, and make sure that your finances are not misused.
➢ If no one has access or authority over your homes, cars, and other property, you could be vulnerable to theft or property damage.
➢ Without a financial power of attorney, your family may have to petition the court to be appointed as your conservator. The court process can be cumbersome, costly, and stressful. You can protect yourself and your family by planning ahead with a financial power of attorney.
Kile & Kupiszewski law firm has over 20 years experience in estate planning. Powers of attorney are an important part of your overall estate plan. When you come in for a consultation we will help you understand the estate planning process, including how to select an agent and the powers they will need to assist you when you need it. We listen to you to create an estate plan that meets the needs of you and your loved ones. Call us today to schedule a consultation 480-348-1590.
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